Need Help?
Need professional advice for your consent to let with Hodge Life? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Common questions relating to Hodge Life consent to lease
- I am in possession of a mortgage offer from Hodge Life, but we hit a brick wall. My husband is a teacher in a boarding school, whereby living quarters is a perk of the job. We wanted to buy a two bedroom second floor purpose built maisonette to get on the ladder, and let it out while we're in school accommodation. I had thought Hodge Life would grant consent to let from the outset of the mortgage. It transpires that we may not be able to get consent to let. Do you have any advice?
- How long must you live in a property before consent to let with Hodge Life would be given? I purchased my apartment with a Hodge Life mortgage last September.
- We have decided to rent our maisonette out. We have made an offer on a further property for us to purchase and a tenant at the ready to move into ours. I assume I have to ask our mortgage company Hodge Life for consent to let. Is there a standard consent to let request letter I can copy?
- I recently got married and my wife and I would like to purchase a family home in the coming year, whilst keeping our one bedroom apartment in Lewisham we currently live in to rent out. Mortgage on the flat is with Hodge Life. I don't want to put myself in a situation with two residential properties only to be refused consent to let.
- When it comes to consent to let from Hodge Life am I obliged to advise them every time we get a new tenant and post them a duplicate of the AST?
- Our Hodge Life mortgage is coming up for renewal. We would like to apply for a new residential mortgage and then apply for a consent-to-let. Is this possible? We don't use the house much now that our kids have grown up, and would be better used as a rental.
- I want to apply for consent to let from my lender Hodge Life to let out my property. . Do Hodge Life issue consent to let in this situation?
- Is there a time limit on a consent to let from Hodge Life? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting the above Hodge Life consent to let Advice
Tax and Legal
There are numerous potential tax and legal (from restrictions on title, lease prohibitions to planning issues) implications when letting out your property. You should always seek the advice of a solicitor and accountant before letting out your property.
Insurance
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. As a minimum you should ensure that you are covered for any third party liability in respect of injuries to your tenant whilst at your property
Leasehold properties
If your property is leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Hodge Life your property may be repossessed